Insurance brokers act as intermediaries for their clients, which may be entities seeking insurance coverage for certain risks. Insurance brokers bring clients together with insurance providers (known as “insurance carriers”) who may be willing and able to provide the desired insurance coverage on beneficial terms for the client.
Reinsurance negotiation practice involves discrete provision of quote request, modification, and acceptance or declination during a life cycle involving parameter adjustments, contract document additions, and other information handling that is largely manually entered and shared between parties to a negotiation. This process is slow, laborious, and prone to loss of information important to transaction auditing. Additionally, the process makes benchmarking of negotiation metrics cumbersome and difficult.